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UBER Reaches Deal With Aurora to Sell Self-Driving Unit
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Uber Technologies (UBER - Free Report) has entered into a definitive agreement with Aurora Innovation to sell its self-driving unit Advanced Technologies Group or ATG.
Per the terms of the agreement, Uber will invest $400 million in Aurora, a self-driving technology startup, to get a 26% stake in the company. Following the completion of the merger, Uber along with the existing ATG investors, and ATG employees who continue their employment with Aurora, are expected to have an approximate 40% ownership in the latter. Per the deal, Uber’s CEO Dara Khosrowshahi will also serve on the board of the combined entity.
Additionally, once the transaction closes, Uber and Aurora will enter into an agreement by virtue of which the two companies can collaborate when it comes to launching and commercializing self-driving vehicles on Uber’s ridesharing network. Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2021.
Uber’s self-driving unit suffered a major setback after one of its cars struck and killed a pedestrian in Arizona, back in 2018. By selling the ATG unit, the company should be able to focus on its core areas of strength, namely ride hailing and delivery. The unit was indeed a drag on its profitability goal. Net loss at ATG and Other Technology Programs was $303 million for the first nine months of 2020.
Shares of Baidu, The Trade Desk and Marchex have rallied more than 24%, 100% and 32% in the past six months, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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UBER Reaches Deal With Aurora to Sell Self-Driving Unit
Uber Technologies (UBER - Free Report) has entered into a definitive agreement with Aurora Innovation to sell its self-driving unit Advanced Technologies Group or ATG.
Per the terms of the agreement, Uber will invest $400 million in Aurora, a self-driving technology startup, to get a 26% stake in the company. Following the completion of the merger, Uber along with the existing ATG investors, and ATG employees who continue their employment with Aurora, are expected to have an approximate 40% ownership in the latter. Per the deal, Uber’s CEO Dara Khosrowshahi will also serve on the board of the combined entity.
Additionally, once the transaction closes, Uber and Aurora will enter into an agreement by virtue of which the two companies can collaborate when it comes to launching and commercializing self-driving vehicles on Uber’s ridesharing network. Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2021.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
Uber’s self-driving unit suffered a major setback after one of its cars struck and killed a pedestrian in Arizona, back in 2018. By selling the ATG unit, the company should be able to focus on its core areas of strength, namely ride hailing and delivery. The unit was indeed a drag on its profitability goal. Net loss at ATG and Other Technology Programs was $303 million for the first nine months of 2020.
Zacks Rank & Key Picks
Uber currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Internet - Services industry are Baidu (BIDU - Free Report) , The Trade Desk (TTD - Free Report) and Marchex (MCHX - Free Report) . While Baidu and The Trade Desk sport a Zacks Rank #1 (Strong Buy), Marchex carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Baidu, The Trade Desk and Marchex have rallied more than 24%, 100% and 32% in the past six months, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>